The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-03
COMBINING THEIR CAPITAL
The Consolidation of Two of the Local
Natuarl-Gas Companies Perfected.
The Capital Stock Fixed at 5000 .0OO-An En-
terprise That Promises to Do Something
Toward Getting Gas Very Soon.

There was largely attended meeting of
manufacturers at the Denison House last
night to further discuss the question of con-
Jolidating the local interests of prospecting
1atural-gas companies The ultimate object, of
sourse, is to pipe gas to the city. and in this
way the matter took such shape as to lead 10
the formation of a pany with 5000 900 capital
,tock Some weeks ago an effort was made
N this direction, but the proposition
,ound no favor outside OF few. 1t was chiefly
opposed by the Capital City company, and that
% still out Of the new organization, although 1t
Is possible it's interests may become identified
after a while with the larger movement in pros
pecting for gas From the manufacturers
meeting, held short time ago, the idea came
that this class of citizens could, for
their own benefit, form cooperative
pipeline company. But where to get the gas
was one of the first questions, as the company
Iould at the outset have only prospecting OBJ
ect. Until gas was found it would be useless to
consider pipeline system. The Indianapolis
Naturalgas Company had done good deal of
prospecting and proposed to do more. 1t held
valuable leases not only IN the Hamilton county
ield but throughout Marion county, where the
probabilities of finding gas were worth testing.
The gentlemen DESTROYS of organizing the man
therefore the proposition that first emanated
from the Indianapolis Natural-gas Company to
Increase its capital enlarge its stock list and put
what it had already achieved at the disposal of
the citizens mostly interested in having gas
piped to the city, again came forward, con-
sultation between the directors of the Indanapo-
lis company and representatives OF the manu-
lecturers brought about a basis of organization
1t YVES this basis that the Indianapolis Natur-
81 1fnpf ath
cred. last night It originally contained three
Items the first of which was that the name
Indianapolis Natural-gas Company' shall be
changed to the Indianapolis Manufacturers Gas
Company; the second. that when subscriptions
have been made to 5000. 900 Of capital stock. the
directors of the old company shall
cessors elected by the stockholders of
the new company, and the third, that
all manufacturers of the city and those who
NAV come here, shall have the chance to sub
scribe for this stock and to have gas supplied
them at as low rate as possible, considering the
cost Of the investment and the expense OF
bringing gas TO the city. 1t was suggested by
E. c. Atkins that in the event gas could not be
found in sufficient qusntity to supply tho city.
pipeline system which it is proposed to lay
would be total loss, unless provis,
in some other way. He believed
the agreement of consolidation should contain a
proviso that if gag is not found and maintained
In sufficient quantity the company should have
the power to use IL for artificial fuel gas After
come discussion, the agreement was amended to
that effect, and upon 1t the Indianapolis Natural
dale, Root, Fletcher. Byram. Branham
and others, and the manufacturers.
by Messrs. Atkins, Nordyke and seven
teen others who had already subscribed
for stock in their enterprise will unite To-day
the subscription books will be circulated among
the gentlemen OF both interests. Upon the new
stock the Indianapolis Naturalgss Company's
stockholders will be allowed a credit of what
they have paid in on their old stock assessments.
The manufacturers will at once take to the
company $4,000 in subscriptions, and this
amount, with what the Indianapolis Natural-gas
Company will turn into the new concern. will
make the present subscription $50. 600.
Under this new organization prospecting will
be continued at Westfeld and also Broad Rip
pie The drilling of two wells has begun about
five miles from the latter place, one on the
Harris and the other the Fisher farm. Hard
luck attends the drilling at Westfeld. but it Is
expected that the coming week will
again find the work making progress.
This is bnt part OF what the
Indianapolis Naturalgas Company will bring to
having bountful supply of gas ready by the
time the pipes are laid, that contract for the
pipes is TO be let as soon as the 5000 900 is sub
ecribed. Work, it is thought, will begin in thirty
days along tho line. The company will
have under it's control 10. 900 acres Of gas lands
in Marion, Hamilton and Hancock counties.
This arrangement at present does not affect
the other prospecting companies The Twelfth
street drill, in the new bore about ten feet from
the one abandoned, has reached 236 feet. It is
now in a pocket of silicate sandstone, which
is very hard, and has broken three drills
The Capital City company in It's Wolfe farm
well reached Trenton rock yesterday morning at
$50 feet, and by evening had gone eight feet
into the rock. Considerable oil was discovered
but no gas. The Trenton at this point is fifty
feet higher than the Brightwood we'll 1t was
not expected by the company to get gas in pay
faith in the we'll at Lawrence. which is progress
ing favorably.